Despite expectations of an economic slowdown, diesel demand appears to be rising unabated. For some countries around the world, diesel shortages are already a reality, and European countries are racing to secure diesel ahead of the embargo on Russian barrels. For the U.S., with the harvest season in the Midwest looming, it will be a case of balancing domestic and international demand for diesel. Despite growing fears of a global economic slowdown, diesel supply continues to be a concern, and the situation may yet become even worse than it is now. Reuters’ John Kemp wrote in his latest oil-buying column that hedge funds and other institutional traders had bought diesel contracts at the fastest rate since November 2020 last week, adding the equivalent of 9 million barrels to their holdings. Meanwhile, Bloomberg reported that demand for U.S. diesel specifically had hit the highest level in five years, and it […]